START-UP incubator Talino Venture Labs launched on Tuesday evening three new mobile apps that are geared toward tapping a hugely unserved market in the insurance, lending and regulatory compliance markets.
Winston Damarillo, the CEO of Talino Venture Labs, said his group is primarily focused on creating new tech-based services that promote inclusion by providing basic services to the lower end of the economic ladder. He led the formal introduction of insurance-tech app Saphron, lending app Asenso and legal compliance app Unawa.
“Inclusion is good business and that’s very true,” he said. “Inclusion tech simplifies the way that people buy insurance, take loans and others. We actually think it’s a really good business and it’s not heavily competed.”
He cited a recently released study conducted by Google and Temasek that found that the Internet economy in the Philippines will reach $25 billion in gross merchandise value by 2025, or triple its currently value.
“What this immediately points out is that we in Southeast Asia are no longer just in the sidelines of the Internet economy. We have a large, digital-savvy, and tech-driven population that now consumes online. But, there is still a huge underserved market at the base of the pyramid. For us to fully realize the potential of our market, we need to empower the underserved with more inclusive digital products and services,” Damarillo said. He noted that his group has become the first “inclusion tech” venture builder in the region, as it addresses a “large unmet need.”
“We build tech start-ups in partnership with industry leaders, to drive tech-accelerated inclusion and access for Asia’s emerging economies with scale and agility,” he said.
For instance, Saphron allows users to purchase online various micro and modular insurance products that offer protection for individuals and families.
Asenso, on the other hand, offers fair and responsible capital, an integrated supply chain, broader market access, smarter rewards and loyalty campaigns, and microinsurance to sari-sari stores and agripreneurs.
Last, Unawa provides legal and regulatory advice and services to users, especially businesses.
“At the heart of our work at Talino is the belief that we can build the region’s next unicorns by unlocking the power of our previously untapped sectors. When we empower everyone from the base of the pyramid to first-time entrepreneurs, everybody wins,” Damarillo said.